Following the Covid-19 pandemic, the cybersecurity industry has seen tremendous growth. Many instances of cyber espionage, data breaches, and cybersecurity threats have made headlines in recent years, especially the high-profile data breach cases of Uber, Target, and Yahoo.
These high-profile breaches have compromised millions of users’ data and compelled other companies to invest more in cybersecurity. It has also increased the demand for cybersecurity professionals. However, the number of cybersecurity professionals remains low, according to reports. The cybersecurity industry faces a shortage of more than 2 million professionals worldwide. That is why companies are struggling to find and hire expert cybersecurity professionals.
What are the reasons behind the rapid growth of the cybersecurity industry? You might wonder. Here’s a list of factors that play a vital part in this exponential growth:
1. Everything has gone Digital
Everything has gone digital because it is the need of the hour. The covid-19 pandemic has changed the business world entirely. The work-from-home restrictions with the pandemic compelled companies to use online platforms for their data storage needs. The use of cloud computing solutions and the Internet of Things (IoT) has increased due to the increased demand for digital data storage solutions.
The dependence on digital solutions poses more risks of cybercrimes as the digital data contains personal information of customers and employees. Companies are looking to hire skilled cybersecurity professionals to protect the data from being stolen. However, the shortage of experienced professionals has compelled companies to hire them even for remote jobs with higher salaries. There are multiple cyber security work from home jobs for skilled professionals who might be interested in working remotely.
2. Newer Devices, More Threats
Another important aspect of the proliferation of technology is the growing use of mobile devices, smart cars, smart TVs, and other digital devices. These newer devices pose a more significant threat of cybercrimes as it is relatively easy to hack digital devices such as smart cars and smart TVs. It also increases the demand for cybersecurity measures by companies, which further escalates the need for more ingenious cybersecurity solutions.
3. Cybercrime is increasing
Cybercrim has caused damage of $6 trillion in 2022. The increased use of cloud computing solutions, internet banking, and automated systems has increased the rate of cybercrime. Cybercriminals look for flaws in the existing system to hack the system and then steal data of customers such as credit card details, usernames, passwords, etc. To prevent this, companies need cybersecurity professionals to find these issues before cybercriminals can find them.
4. Data Breaches Cost Millions
Recent high-profile data breaches, such as those with Target, Yahoo, and Uber, have caused losses of millions of dollars for these companies. According to IBM, an average data breach costs $4.35 million in 2022. These costs are attributed to many factors, such as the costs associated with resecuring the platform, reassuring customers, and expenses of implementing new security measures.
5. Business Failure
Most of the time, when a data breach hits a company, it incurs heavy losses. Some larger companies may sustain these losses while many smaller businesses can’t. They can’t even resecure their platforms in case of a data breach. As a result, they have to close down their operations to keep their losses to a bare minimum.
Companies whose existence is on the line tend to implement even costlier methods to stay afloat. They hire professionals to find loopholes in their systems and try to prevent cybercriminal activity. It is what’s driving the demand for cybersecurity experts.
6. Hackers are Better Equipped Now
The advancement in technology has provided many benefits to businesses and individuals. It has created many jobs for tech-savvy people while increasing avenues for cybercriminals and hackers. Hackers use tools such as phishing emails to collect sensitive information to hack into a secure system.
With security protocols in place, it is not easy for these hackers to hack into the company’s system. However, because hackers keep working to break the security protocols, they can find loopholes in the systems. A cybersecurity analyst works the same way, but his goal is to secure the company. They find loopholes in their system and implement corrections to prevent hackers from breaking into the system.
7. The overall effect of the Internet of Things (IoT)
We are living in a world where everything is connected through several devices. The concept of smart cities, connected cars, and smart health devices mean that there is a lot of private and virtual data that hackers can steal. No doubt IoT has provided several avenues for the betterment of humanity. However, it has also opened up new risks for users. IoT devices must be protected from hackers and user data saved
from malignant intentions.
Hiring cybersecurity analysts who can help add suitable protection to digital devices through the installed software is essential. The current scenario highlights the significance of cybersecurity and how the need for professionals in this field will only increase in the future.
Cybersecurity is a field that has seen rapid growth in recent years. Thanks to the advancement of technology, people today are more connected than ever, providing both new opportunities and risks. It has also provided more opportunities for hackers to steal user data.
The high growth of the cybersecurity industry has been spurred by cybercrimes, the adoption of digital solutions for data needs, IoT devices, and more skilled hackers, among many others. It requires the expertise of skilled professionals to counter the threat that unethical hacking poses for businesses and people in general, creating this demand for cybersecurity specialists.